Chemours (NYSE:CC) Sets New 52-Week Low After Analyst Downgrade

The Chemours Company (NYSE:CC)’s share price hit a new 52-week low during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $23.00 to $19.00. Barclays currently has an equal weight rating on the stock. Chemours traded as low as $14.94 and last traded at $15.39, with a volume of 1464175 shares. The stock had previously closed at $16.15.

Several other brokerages have also recently commented on CC. The Goldman Sachs Group reduced their target price on Chemours from $24.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. BMO Capital Markets reduced their target price on Chemours from $34.00 to $27.00 and set an “outperform” rating for the company in a research report on Wednesday, February 19th. Mizuho reduced their target price on Chemours from $22.00 to $21.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Truist Financial initiated coverage on Chemours in a research report on Tuesday, January 28th. They issued a “buy” rating and a $27.00 target price for the company. Finally, Morgan Stanley reduced their target price on Chemours from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, January 13th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $23.11.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Chemours in the fourth quarter valued at about $30,702,000. Appian Way Asset Management LP bought a new position in shares of Chemours in the third quarter valued at about $34,151,000. Vision One Management Partners LP bought a new position in shares of Chemours in the third quarter valued at about $28,252,000. Bank of Montreal Can raised its holdings in shares of Chemours by 1,496.4% in the fourth quarter. Bank of Montreal Can now owns 953,240 shares of the specialty chemicals company’s stock valued at $16,110,000 after buying an additional 893,530 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Chemours by 23.8% in the fourth quarter. Ameriprise Financial Inc. now owns 4,373,172 shares of the specialty chemicals company’s stock valued at $73,907,000 after buying an additional 839,849 shares during the last quarter. 76.26% of the stock is owned by institutional investors.

Chemours Price Performance

The stock has a fifty day moving average of $17.99 and a 200-day moving average of $18.89. The company has a quick ratio of 0.92, a current ratio of 1.68 and a debt-to-equity ratio of 6.70. The firm has a market capitalization of $2.36 billion, a P/E ratio of 27.76 and a beta of 1.81.

Chemours (NYSE:CC) last announced its quarterly earnings data on Tuesday, February 18th. The specialty chemicals company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.01. The firm had revenue of $1.36 billion during the quarter, compared to analyst estimates of $1.37 billion. Chemours had a return on equity of 26.54% and a net margin of 1.51%. Equities analysts predict that The Chemours Company will post 2.03 EPS for the current fiscal year.

Chemours Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 28th will be given a $0.25 dividend. The ex-dividend date of this dividend is Friday, February 28th. This represents a $1.00 dividend on an annualized basis and a yield of 6.32%. Chemours’s payout ratio is 175.44%.

Chemours Company Profile

The Chemours Company provides performance chemicals in North America, the Asia Pacific, Europe, the Middle East, Africa, and Latin America. It operates through three segments: Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials. The Titanium Technologies segment provides TiO2 pigment under the Ti-Pure brand for delivering whiteness, brightness, opacity, durability, efficiency, and protection in various of applications, such as architectural and industrial coatings, flexible and rigid plastic packaging, polyvinylchloride, laminate papers used for furniture and building materials, coated paper, and coated paperboard used for packaging.